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Preet K. Gill

Insolvency & Restructuring Lawyer | Litigation & Transactions

Toronto Managing Partner

Denise D. Bright

Corporate & Securities Transactions Lawyer

Partner 

As detailed in our prior blog, <a href="/Insights/Blogs/Canadian-Government-Finally-Provides-Certainty-on-Criminal-Interest-Rates">Canadian Government (Finally) Provides Certainty on Criminal Interest Rates</a>, the Government of Canada proposed amendments to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the prior criminal interest rate, being an effective rate of 60 percent, was equivalent to an APR of about 48 percent).

Lower Criminal Interest Rate Now in Effect

Kelsey J. Meyer

Restructuring & Insolvency Lawyer | Commercial Litigation

Partner

Jesse Mighton

Insolvency and Restructuring Lawyer at Bennett Jones Toronto

In the unrelated companion cases of Aquino v Bondfield Construction Co, <a href="https://decisions.scc-csc.ca/scc-csc/scc-csc/en/item/20694/index.do">2024 SCC 31</a> and Scott v Golden Oaks Enterprises Inc, <a href="https://decisions.scc-csc.ca/scc-csc/scc-csc/en/item/20695/index.do">2024 SCC 32</a>, the Supreme Court of Canada applied the common law doctrine of corporate attribution to bankruptcy and insolvency law through a purposive, contextual and pragmatic approach.

The SCC Clarifies the Corporate Attribution Doctrine and Creditor Protection Tools in Insolvency Law

Robert W. Staley

Securities & Commercial Litigation Lawyer | Shareholder Disputes

Vice Chair and Partner

Doug Fenton

Litigation Lawyer at Bennett Jones Toronto

In ruling that a securities regulatory authority's disgorgement orders (a sanction stemming from misconduct) survive a bankruptcy discharge while its administrative penalties do not, the Supreme Court of Canada endorsed the principle that "every claim is swept into the bankruptcy and that the bankrupt is released from all of them upon being discharged unless the law sets out a clear exclusion or exemption." The Supreme Court’s decision clarifies the differing treatment of administrative penalties and disgorgement orders in the context of exceptions outlined in s. 178 of the Bankruptcy and Insolvency Act.

The Supreme Court Holds That Securities Disgorgement Orders Survive Bankruptcy

In a recent case, Bricklayers Pension Fund of Western Pennsylvania (derivatively on behalf of Centene Corporation) v Brinkley (Centene), Delaware's Court of Chancery dismissed “Caremark duty claims”—named after the 1996 case establishing a duty of oversight required by a U.S. board of directors—against members of Centene's board of directors.
Allegations against the directors focused on the failure to oversee, and deferral to, management. The decision confirms the high threshold applicable to find a breach of a director’s Caremark duty.

Delaware Court Affirms High Threshold for Breach of Directors Caremark Duties

Delaware Court Affirms High Threshold for Breach of Directors' Caremark Duties 

Oliver Loxley

Corporate Lawyer at Bennett Jones Vancouver

Aaron E. Sonshine

Corporate Finance, Mergers and Acquisitions and Corporate Governance Lawyer at Bennett Jones Toronto

Alexandra Doane

Articling Student at Bennett Jones in Vancouver

Articling Student

The SEC&rsquo;s March 5 exemption preserves the existing insider reporting framework for Canadian foreign private issuers that report through SEDI, despite changes introduced by the HFIAA. This update clarifies cross-border reporting obligations and maintains the status quo for affected issuers and their insiders.

Canadian Foreign Private Issuers Remain Exempt from US Insider Reporting Requirements

James D. Beeby

Corporate Finance, M&A, Private Equity and Venture Capital Lawyer

Lisa Kakoske

Corporate and Securities Lawyer

Harpar Gill

Associate

The Canadian Securities Administrators (CSA) has introduced a voluntary Semi-Annual Reporting (SAR) Pilot allowing eligible venture issuers on the TSXV or CSE to file only six-month interim financial reports. The pilot aims to reduce reporting burdens while maintaining key continuous disclosure requirements for investors.

CSA Adopts Semi Annual Reporting Pilot For Venture Issuers

CSA Adopts Semi-Annual Reporting Pilot For Venture Issuers

Ashley M. White

Corporate & Commercial Transactions Lawyer | Power & Energy

Jason D. Roth

Construction & Infrastructure Lawyer | EPC & Project Development

Larissa D. Lees

Regulatory Lawyer at Bennett Jones Calgary

The Government of Alberta has announced plans for a 120-day approval timeline for major projects, aiming to accelerate development while maintaining Indigenous consultation and environmental protections. This initiative, aligned with federal policy and recent Alberta&ndash;Canada agreements, could create more predictable regulatory processes and meaningful investment opportunities across energy, infrastructure, CCUS and critical minerals projects. Industry participants should monitor implementation closely, as details on eligible projects and procedural interaction are still forthcoming.

Major Projects on the Horizon in Alberta

Government of Alberta Announces 120-Day Major Project Approval Timeline

Benjamin K. Reingold

Intellectual Property Litigation Lawyer at Bennett Jones Calgary

Makda Yohannes

Commercial Litigation Lawyer at Bennett Jones Toronto

Stephen D. Burns

Energy & Infrastructure Technology Lawyer | IT/OT & Markets

Partner, Trademark Agent

Artificial intelligence is increasingly being used to understand legal rights and generate court filings, raising concerns about the unauthorized practice of law. This insight examines recent US litigation, key risks and practical considerations for responsible AI use in the Canadian legal context.

Artificial Intelligence and the Practice of Law

Artificial Intelligence and the Practice of Law: Real‑World Implications for the Profession and the Justice System

David Cassin

Employment Lawyer at Bennett Jones Toronto

Talia K. Bregman

Management-side Employment Lawyer at Bennett Jones Toronto

The Ontario Superior Court&rsquo;s decision in Ghazvini v. CIBC strikes down a termination clause in federally regulated employment agreements under the Canada Labour Code. This ruling applies the Waksdale framework, emphasizing that termination clauses must meet statutory minimums for notice and cause. Federally regulated employers should review and update template agreements to ensure compliance and reduce the risk of future disputes.

Federally Regulated Employers Time to Review Employment Agreements After Ontario

Federally Regulated Employers: Time to Review Employment Agreements After Ontario Court Strikes Down Termination Clause

Gone Fishing: Subsection 231.2(3) Hooks the Anonymous Tax Evader

From the Same Authors